Economy
The latest news, updates and analysis on the economy and how it is affecting the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Jan- 2023 -18 January
UK inflation dips for second consecutive month
UK inflation fell slightly for the second consecutive month from 10.7% to 10.5% in December as easing fuel costs were offset by the rising price of food which meant the figure remained close to its previous 40-year high. The latest figures, from The Office For National Statistics (ONS), show that…
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13 January
UK economy beats expectations as it grows 0.1% in November
The UK economy unexpectedly grew by 0.1% in November as the World Cup helped boost restaurant and pub sales, according to the latest data from the Office for National Statistics (ONS). It comes as analysts had predicted a fall of 0.3% for the month and has raised hopes that the…
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10 January
Retail sales rise 6.9% over Christmas
The BRC has reported that sales on a total basis increased by 6.9% in December 2022, compared with the prior increase of 2.1% in December 2021. These figures are said to be above both the three-month average growth of 4.4% and the 12-month average growth of 3.1%. Meanwhile, the UK’s…
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4 January
Food inflation hits record high of 13.3%
ood inflation accelerated to the highest inflation rate in the category on record, after jumping to 13.3% in December, up from 12.4% in November and above the three-month average rate of 12.5%, according to the latest figures from BRC and Nielsen. Fresh Food inflation accelerated in December to 15.0%, up…
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Dec- 2022 -16 December
Retail sales dip 0.4% in November
Black Friday and Christmas shopping has failed to lure people back to the high streets as the Office for National Statistics (ONS) estimates that retail sales have fallen by 0.4% in November 2022. The recent statistics follow a 0.6% rise in October when retail bounced back from the impact of…
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16 December
Consumer confidence remains at ‘historic lows’ in December
GfK’s Consumer Confidence Index increased by only two points in December to -42, with confidence still sitting at “historic lows”. This marked the eighth month in a row in which the Index has remained at around -40 or lower, the first time this has happened since the GfK’s records began…
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15 December
Bank of England raises interest rates by 0.5% to 3.5%
The Bank of England (BoE) has announced that interest rates will be raised by 0.5%, bringing the base rate of interest to 3.5%, the highest level in 14 years. At a meeting held on 14 December 2022, the Bank’s MPC voted by a majority of 6-3 to increase rates by…
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14 December
Inflation falls to 10.7%
UK Inflation fell to 10.7% in November, down from 11.1% in October, but still remains close to a 40-year high as the cost of living continues to rise. According to the latest data from the Office for National Statistics, the decrease was mainly driven by a fall in petrol prices…
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12 December
UK economy returns to growth in October
The UK economy returned to growth in October following the period of national mourning after the death of the Queen, according to the latest figures from the Office for National Statistics (ONS). UK GDP is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in…
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Nov- 2022 -28 November
Retail sales plummet in November, CBI finds
Retailers saw their sales volumes plummet in the year to November, according to the CBI’s latest quarterly distributive trades survey, and a similar rate of decline is expected in December. Retail sales declined -19% in the year to November down from +18% in October. The CBI said a similar fall…
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